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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
State of the Capital Markets – First Quarter 2017 Review and Second Quarter 2017 Outlook
Review of Current Market Conditions/ Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage/ Review of Credit Quality/ Outlook for Second Quarter 2017
Covenant Trends - Distribution of MFN Sunset Length in Q1 2017
Distribution of MFN Sunset Length in Q1 2017
Leveraged Loan Insight & Analysis - 4/10/2017
Cross border financings gain momentum as thin EMEA pricing attracts leveraged issuers
In a turn around from 2012-2013 market trends whereby European issuers tapped the US loan market in a bid to lock in thinner margins, a number of US leveraged issuers have turned to the European market early in 2017, to secure thinly priced deals. In contrast to the rising interest rate environment in the US, the European market is expected to keep interest rates low in the near term…
Lead Left Interview - Stephen Boyko (Part 2)
This week we continue our conversation with Stephen Boyko of Proskauer. Steve is a partner in the firm’s corporate department…
Fresh Meat
Loans involving new financings, not just repricings, represented 72% of all 1Q middle market sponsored transactions.
Private Debt Intelligence - 4/10/2017
Q1 2017 Private Debt Fundraising
After a sluggish start to 2016, private debt fundraising saw a huge acceleration in pace over the year, and secured a record $50bn of investor capital in the final quarter of the year. While the opening quarter of 2017 failed to match this activity, momentum has nonetheless continued into the year with fundraising expected to maintain or increase this pace in the coming months…
The Pulse of Private Equity - 4/10/2017
Is the PE industry on pace for lower net cash flows?
Since 2012, net cash flows of private equity funds worldwide have been positive, with the last three full years handily exceeding $130 billion apiece. With fund returns through the middle of 2016, however, net cash flows currently stand at $27.0 billion, putting the back half of 2016 under considerable stress to even leave the year at more than $100 billion. This diminishing metric is attributable to a variety of factors, including the slow winding down of the buyout cycle in addition to a sluggish exit market…
Loan Stats at a Glance - 4/10/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Middle Market Deal Terms at a Glance - Apr 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Markit Recap – 4/3/2017
Many names have a certain kind of notoriety in the CDS market. TXU, Hellenic Republic and more recently iHeart – all posed significant challenges to the efficacy of the CDS product.
Another prime example is Novo Banco. The Portuguese name was created as a “good bank” in the restructuring of Banco Espirito Santo in August 2014. This was immediately prior to the introduction of the ISDA 2014 definitions in September of that year. The good bank/bad bank split highlighted some of the flaws in the 2003 definitions: namely senior debt restructurings triggering subordinated CDS and ambiguity around state bail-out of financials…
Growing Gap
While middle market yields are range-bound, large cap spreads have been dropping fast.
1Q17 M&A volume down 32% year over year as market waits on policy guidance out of Washington
1Q17 M&A volume down 32% year over year as market waits on policy guidance out of Washington
M&A loan issuance declined dramatically year over year to log less than US$70Bn in 1Q17, down 32% compared to the year ago results (US$102Bn). This represented the lowest quarterly results since 1Q13. Although some of the market shortfall on a percentage basis should be qualified in that jumbo financings for Avago Technology and Kraton Polymers which were completed in 1Q16 were in fact structured in 2015, the market took a very real pause in 1Q17 as issuers waited on the new administration in Washington…
Elements of Corporate Risk (First of a Series)
Institutional investors are combing through the private credit market searching both for higher returns and experienced managers to deliver those…